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Widening social inequalities lead to social unrest

Widening social inequalities lead to social unrest

Professor of Economics at the University of Tehran and former Iranian MP, Mohammad Khosh-Chehreh, says: “In the rest of the world, gold and foreign currency are not goods to be bought like they are in Iran. But this government and the one before that took the wrong attitude and turned these into commodities, because they earned currency from the sale of crude oil; they turned its income into commodities to sell at a higher price and earn more rials.”

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Tehran’s bazaar is on strike

Tehran’s bazaar is on strike

Iran’s economy is facing unusual times. IMF reports that Iran has the leading economic growth among oil-rich countries in the region on the one hand, and the price of some goods, cars, gold, and housing is climbing sharply on the other.  

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More EU investments for Iran

More EU investments for Iran

On the sidelines of his meeting with the Commissioner for Climate Action and Energy, a member of the European Commission, Iran’s Minister of Energy announced that a “Small-and Medium-Sized European Enterprises Investment” conference will take place in Iran in the autumn of 2018 as an opportunity to expand ties between Iran and the EU.  

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Banks to exchange currency for tourists

Banks to exchange currency for tourists

The Central Bank of Iran (CBI) has issued a memo allowing all banks and credit institutions to buy currency from foreign tourists, foreign lorry drivers in transit, foreign investors, diplomats residing in Iran, and representative offices of foreign banks, with written requests at prices announced daily by the CBI. They can sell the currency within the forex market regulations in Iran.

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Joint Iran-Turkey cash cards on the way

Joint Iran-Turkey cash cards on the way

At a meeting with the Managing Director of Ziraat Bankası of Turkey, the Managing Director of the Melli Bank of Iran announced: “Cash cards are due to be issued for use between our two countries.”  

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Iran’s farewell with the dollar

Iran’s farewell with the dollar

On a Wednesday meeting by the cabinet, helmed by President Rouhani, all ministries and governmental organizations and companies will use the euro as the basis for reporting and disseminating statistics, information, and financial data.  

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Political and economic reasons of rising exchange rates

Political and economic reasons of rising exchange rates

Dr Mahdi Pazouki, Economist, told Persia Digest: “Currency fluctuations in Iran have two reasons. The financial reason is the volume of liquidity in the Iranian economy, which is tomans 1500TR. This large figure is a potential danger for the economy. Governments must direct this volume of liquidity towards production for economic growth. But, even if 10 percent of this large volume of liquidity enters the market, it will create fluctuations in currency rates due to the atmosphere of distrust and uncertainty.”

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Euro to become the official foreign currency used in Iran

Euro to become the official foreign currency used in Iran

Currency fluctuations over the past months in Iran, especially in recent days, has prompted the government to make new policies in order to control the forex market here. It has taken immediate action by setting a single price of tomans 4200 for the US dollar; but, reports indicate exchange offices are refusing to sell the dollar at this price and all exchanges have come to a halt.  

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Iranian Government takes swift currency control measures

Iranian Government takes swift currency control measures

Following the unprecedented rise in the price of the dollar and other foreign currencies on Iran’s forex market, the government has taken measures to fix the price of the dollar at tomans 4200. This price has been set for all commodity groups, conditional on providing the necessary documents for the allocation of foreign currency. Travelers can buy and take USD 500 out of the country, delivered to them at airport gates.  

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The dollar takes flight in the sky of Iran

The dollar takes flight in the sky of Iran

Currency prices have been going through a bull market in Iran over the course of the past couple of days. In IRR currency, the US dollar was exchanged for tomans 5220 yesterday, showing a leap of tomans 130/dollar. Ascending prices continued this morning to reach tomans 5750 by 14h00 hours. The euro has also passed the 7160 toman mark. Other currencies, including the pound sterling, have reached unprecedented prices.  

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New Iranian debit card for tourists

New Iranian debit card for tourists

The Head of Iran’s Cultural Heritage, Handicrafts and Tourism Organization has announced a joint project with the Central Bank of Iran (CBI) for a prepaid debit card for tourists traveling to Iran. Funds can be added to the card in return for their currency and converted to Iranian rials (IRR).  

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Consequences of police entering Iran currency market

Consequences of police entering Iran currency market

The currency exchange rate has been fluctuating sharply on the Iranian market over the past few months. Although this had remained fairly stable during President Rouhani’s first term in office, the price of the dollar and other foreign currencies rose sharply in the past weeks, depreciating the Iranian rial by up to 25 percent.  

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